{"id":8036,"date":"2009-09-28T14:56:00","date_gmt":"2009-09-28T18:56:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=8036"},"modified":"2009-09-28T14:56:00","modified_gmt":"2009-09-28T18:56:00","slug":"iiac-releases-securities-industry-performance-report-2q09","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=8036","title":{"rendered":"IIAC Releases Securities Industry Performance Report 2Q09"},"content":{"rendered":"<p>The Investment Industry Association of Canada has released its <a href=\"http:\/\/www.iiac.ca\/Upload\/Q2_09%20Securities%20Industry%20Performance.pdf\">Securities Industry Performance Report, 2Q09<\/a>: fixed income trading was highlighted:<\/p>\n<blockquote><p>Particularly strong was debt underwriting which witnessed a 54% surge in revenue from the previous quarter as narrowing spreads made debt financings more alluring for issuers. Fixed-income principal trading revenue was also robust and totaled $640 million in the second quarter, a record high, and represented a 15% increase from the prior quarter. For the first half of 2009, industry fixed income revenues (debt underwriting plus debt principal trading) total $1.5 billion and already equal the total for the whole of 2008.<\/p><\/blockquote>\n<div align=\"center\"><img=\"http:\/\/www.prefblog.com\/wp-content\/uploads\/2009\/09\/fixedincometradingprofits.jpg\"><\/div>\n<p>Gee, I sure hope nobody gets a bonus because of this surge in gross profit! Paying for performance can lead to &#8230; er &#8230; something bad.<\/p>\n<p>There&#8217;s not enough data in the report even to make a good guess at the reason for the surge in trading revenue, but it seems probable that the desks have made profits for the same reason that <a href=\"http:\/\/www.prefblog.com\/?cat=12\">my fund&#8217;s returns have been so good over the past year<\/a>: lots of panic, lots of volatility, lots of players who really don&#8217;t have a clue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Investment Industry Association of Canada has released its Securities Industry Performance Report, 2Q09: fixed income trading was highlighted: Particularly strong was debt underwriting which witnessed a 54% surge in revenue from the previous quarter &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-8036","post","type-post","status-publish","format-standard","hentry","category-interesting-external-papers"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8036"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/8036\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}